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How to Help Seniors Avoid Financial Vulnerability

By Manpreet Dhalla, 9:00 am on

Many seniors are vulnerable to financial problems because of factors such as changes in the brain or personality, which can make it more difficult for them to manage money. Seniors can face a variety of challenges as they age, many of which can be mitigated with the help of professional in-home caregivers who provide high-quality senior care. Ft. Lauderdale families trust in Home Care Assistance to help their elderly loved ones age in place safely and comfortably.

If you are putting together your loved one’s care plan, consider these factors when addressing age-associated financial vulnerability.

Know the Risk Factors

Seniors with dementia or age-related memory loss can forget to pay their bills. For some seniors in Ft. Lauderdale, dementia care is essential. Regular mental stimulation helps slow the progression of the disease, supervision reduces the risk of dangerous behaviors, and compassionate companionship is a wonderful solution for alleviating the symptoms of dementia.

Other factors such as isolation can cause your loved one to fall prey to a scammer who can tap into a senior’s need to feel a sense of purpose. Your loved one may also be vulnerable to financial issues because of the side effects of prescription medication or a change in reasoning abilities that can occur following a health condition such as a stroke.

Take Stock of Your Parent’s Finances

Financial matters can be a sensitive subject for older adults who were taught to safeguard their money. Even if your parent refuses to talk about money, you may notice things like his or her bills accumulating or utilities being shut off. If your loved one is receiving frequent phone calls or letters requesting donations, he or she could be vulnerable to financial scams. 

Open Up a Dialogue

Talk to your loved one as soon as you recognize the signs of financial vulnerability. Be sympathetic when asking open-ended questions to see what your parent is willing to reveal. For many families, it is more effective to place blame on other people. For instance, you could talk to your loved one about the increase in the number of phone solicitations and about the need to stop them so your loved one can get some peace. Alternatively, let your loved one know you are worried about him or her because you know how stressful it can be to keep up with bills. Either way, let your senior parent know he or she is supported and loved during the conversation.

Take Preventative Action

One of the biggest issues with age-related financial vulnerability is that there may be several factors affecting your loved one’s ability to manage money properly. Reduce his or her financial susceptibility by requesting direct mail and phone solicitations be stopped. You may need to contact the company directly. Work with a physician if your loved one is experiencing memory loss or other risk factors that can lead to financial vulnerability. Addressing physical symptoms with medication, therapy, or at-home care can also prevent your loved one from financial harm. It may also be necessary to step in and help your loved one find a trustworthy professional or family member to manage his or her money if he or she becomes more vulnerable to financial risk.

For families living in Ft. Lauderdale, FL, respite home care can be a wonderful solution when their aging loved ones need companionship and socialization a few hours a week or just need minor assistance with daily household tasks. At Home Care Assistance, we thrive on helping seniors maintain their independence while living in the comfort of home. Contact us at (954) 909-0370 to learn more about our services and set up a free consultation.

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